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Annual Report 2007

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Annual Report 2007 BALTIKA BREWERIES ANNUAL REPORT 2007 Where Russia is... 5 11 17 BEER MARKET. BALTIKA POSITION BRAND PORTFOLIO 23 25 LETTER OF PRESIDENT SALES SYSTEM FINANCES. INVESTMENTS 29 33 KEY PROJECTS SOCIAL RESPONSIBILITY 37 47 53 CORPORATE GOVERNANCE SECURITIES CONSOLIDATED FINANCIAL STATEMENTS CONTENTS LETTER OF PRESIDENT 5 COMPANY PORTRAIT 6 MISSION, VISION AND STRATEGIC GOALS 7 EVENTS 2007 8 BEER MARKET. BALTIKA POSITION 11 BRAND PORTFOLIO. IMAGE PROJECTS 17 SALES SYSTEM 23 FINANCES. INVESTMENTS 25 KEY PROJECTS 29 SOCIAL RESPONSIBILITY 33 CORPORATE GOVERNANCE 37 PRINCIPLES OF CORPORATE GOVERNANCE 37 MANAGEMENT BODIES 38 INFORMATION DISCLOSURE 43 RISK MANAGEMENT 44 SECURITIES 47 CONSOLIDATED FINANCIAL STATEMENTS 53 INTERESTED PARTY TRANSACTIONS 88 CONTACT INFORMATION 92 LETTER OF PRESIDENT LETTER OF PRESIDENT Dear Ladies and Gentlemen, For over ten years in a row Baltika Breweries has been the leader on the Russian beer market, but we are not resting on our laurels. From year to year, we strive to be better, because we aim to become the benchmark for the brewing industry around the world, and the year 2007 marked one further step in this direction. We reached the ambitious goals set for this year, having increased sales volume and market share against a background of tougher competition and having kept profitability at a high level despite the unprecedented growth in costs for raw materials and logistics. Our excellent financial results enabled us to increase substantially the dividends paid out per share. In 2007 the Russian beer market grew at unusually high pace, yet the Company’s sales volumes grew even faster, increasing our market share to 37.6%. In 2007 our title brand Baltika was named the most valuable FMCG brand in Russia, as well as one of the most dynamic and promising among the major beer brands in the world. In the near future, the Baltika brand will take the №1 position in sales within Europe and in the longer perspective we expect the Baltika brand to take one of the top positions worldwide. In 2007, the global reach of our export sales was extended to 46 countries (up from 33 in 2006), and in April licensed production of Baltika №3 started in the UK. Baltika Breweries responds quickly to changing conditions in the Russian beer market and invests heavily in innovation, development and promotion of power brands, as well as in capacity extension in regions of rising consumption. In 2007 we successfully tripled the capacity of the Baltika-Samara brewery. We also started the doubling of production capacity in Voronezh and the construction of a new (eleventh) brewery in Novosibirsk. While developing the business, we always bear in mind the quality of production and environment. At all Company’s breweries, we use the most modern equipment and automated systems of process control that ensure high tech production, rational use of resources and environmental safety. Baltika Breweries considers social responsibility as one of its main obligations. Being the largest taxpayer in the regions, it ensures favorable working conditions for its employees and is active in solving social problems. The Company has drawn up and implemented the Corporate Culture Code, which is an essential tool for shaping an integrated and strong team of professionals. We are improving the system of corporate governance and applying best international practices in order to raise the efficiency of our business processes, to add value to the Company and to increase earnings per share. Baltika Breweries today is the largest FMCG company in Russia in terms of market capitalization. In December 2007, Baltika received a national award as ‘Company of the Year’ for its substantial contribution to the development of related sectors of the Russian economy including agriculture. I would like to thank the whole team of Baltika for their dedicated and efficient work in 2007, to thank our partners for mutual understanding and cooperation, and to thank our shareholders for their trust and support. The successful development of Baltika Breweries is the result of our joint efforts. In 2008 we face new challenging tasks and I am firmly convinced that we have enough power and skills to complete them. We will have to strengthen further the positions of the Company and Baltika brand both in Russia and worldwide, making them the symbols of contemporary Russia – open, competitive and joyful. Anton Artemiev President, Baltika Breweries LETTER OF PRESIDENT 5 COMPANY PORTRAIT – 17 YEARS OF STEADY GROWTH AND SUCCESS HISTORICAL NOTE 1990 On the basis of a new brewery of the Leningrad production association of the brewing and soft drinks industry Lenpivo, the state-owned enterprise Baltika Brewery was formed 1992 Reorganisation of the state-owned enterprise into an open joint-stock company The Baltika trade mark was created 1993 Baltic Beverages Holding AB became the brewery’s majority shareholder Large-scale investment program for the reconstruction and modernization of production started, when the implementation had completed Baltika became the first brewery in Russia with the most modern European equipment installed 1996 Baltika became the leader on the Russian beer market 1997 Baltika acquired a controlling interest in the brewery Donskoye Pivo, Rostov-on-Don 1998 The brewery was renamed into Baltika Breweries OJSC The Company started development of sales subdivisions network in the regions 2000 Baltika acquired a controlling interest in the brewery Tulskoye Pivo Maulterie Soufflet Saint-Petersburg, the largest malt-house in Russia, built jointly with the French company Groupe Soufflet was opened 2003 Baltika completed the construction and put into operations new breweries in Samara and in Khabarovsk 2004 New malt plant was opened in Tula 2006 Merger of Baltika with Vena, Pikra and Yarpivo Five more breweries joined the Company: in St. Petersburg, Chelyabinsk, Krasnoyarsk, Yaroslavl and Voronezh The total number of breweries in the merged company reached 10 2007 Start of construction on the eleventh brewery in Novosibirsk New malt house was opened in Yaroslavl BALTIKA TODAY Facts Figures The largest FMCG company in Russia Market capitalisation of around $8 bln Leader of the Russian beer market Share of Russian beer market is 37.6% 45 mln hl per year The highest production capacity in Russia 11 breweries in Russia 3 malt houses The strongest team of professionals Around 12,000 employees Everywhere in Russia Sales in 98% of the points of sale in Russia Brand portfolio covering all consumer need states Around 30 beer and 10 non-beer brands Baltika is the largest and most valuable consumer The market share of the Baltika brand is 12.7% brand in Russia Value of the brand is $2.2 bln Export to 46 countries around the world 70% of the volume of Russian beer exports Worldwide operations Baltika is the brand №2 in Europe in terms of volume Company’s share of the world beer market reached 2.5% 6 ANNUAL REPORT 2007 MISSION, VISION AND STRATEGIC GOALS Mission We are creating a high quality product which gives people pleasure in their get-togethers, making their lives brighter and more interesting Vision We strive to be the benchmark for the brewing industry, the company setting the standards and a reference point for brewing companies around the world For us, being the benchmark means being the leader in three areas: best brands, best team, best results Best brands In each segment of the market, we occupy the leading position and we have strong brands which people select not only on the basis of their taste and possibilities but also thanks to their attitude towards our Company Best team In our Company, the most professional specialists in each field cooperate with one another effectively Best results Our Company works with the highest and most steady profitability from operations among the biggest brewing companies of the world Objectives To raise our market share on Russian beer market while keeping high profitability To take the Baltika brand to leading positions in the world Strategy Building strong brands with focus on premium and innovations Leadership in all price segments, regions and sales channels Search for additional sources of profitable growth by: • geographic expansion • development of closely related areas Raise the efficiency of business processes and operational excellence Creation and continuous development of the best team of professionals Values Responsibility Cooperation Innovation Striving for perfection MISSION, VISION AND STRATEGIC GOALS 7 EVENTS 2007 January 29 By the decision of the Board of Directors the National Registry Company CJSC was approved as Baltika’s registrar February 21 A new sports and health centre for Baltika employees and their families was opened in the settlement Molodezhnoye of the Kurortny District (Leningrad region) March 5 New malt plant with the capacity of more than 50,000 tonnes per year was opened in Yaroslavl 15 Baltika announced the 2006 results. The successful merger of Baltika, Vena, Yarpivo and Pikra in 2006 facilitated strong financial results performance April 1 The decision was taken to increase the rated capacity of new brewery in Novosibirsk to 4.5 mln hl per year. The amount of investments in the project exceeds €130 mln 12 A License Agreement was signed in Edinburgh for Baltika №3 production in Great Britain till the end of 2021. For the first time in history, a Russian FMCG brand is produced in Western Europe on a permanent basis 12 At the 7th All-Russian conference of beer and non-alcoholic beverages producers, Baltika employees received awards in two of the main nominations: the ‘Order of merit for the brewing industry development’ and the medals ‘Best specialist of the brewing industry.’ The association’s highest award ‘Amber Star,’ was conferred on Baltika Breweries in the category ‘For the successful development of business reputation’ 18 For the third time, Baltika was recognized as best taxpayer of St.
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